Trump Trade Legislation Has Unfortunate Acronym of FART

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According to Axios, most of the officials who wrote the draft bill believe it is untenable and essentially "dead on arrival".

But Trump's commerce secretary, Wilbur Ross, said earlier on Monday it was too soon for the United States to discuss any withdrawal from the World Trade Organization.

'WTO has its flaws, but the 'United States Fair and Reciprocal Tariff Act, ' aka the U.S. FART Act, stinks. American consumers pay for tariffs.

A leaked propaganda notice from the Chinese government states that the country is using to tariffs to try and disrupt and split President TrumpDonald John TrumpTrump: Democratic voters will support Republicans because of ICE criticism Coney Barrett, Kavanaugh among candidates who met with Trump: report Trump administration recommends against allowing China Mobile access to USA market MORE's base, Business Insider reported on Tuesday. But several people, including former White House staffers and journalists, have shortened it to the "FART Act". "As (Treasury) Secretary (Steven) Mnuchin and the President have said, that is not accurate that the United States is leaving the WTO (sic)", White House Press Secretary Sarah Sanders told reporters at her daily news conference.

CNN confirms the existence of the leaked proposal, called the United States Fair and Reciprocal Tariff Act.

The act would allow Trump to ignore the WTO's "most favored nation" principle, which stops countries trading on different terms with different trading partners unless they have a formal trade agreement, Axios said.

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But the European Union has warned the United States that imposing import tariffs on cars and auto parts would harm its own automotive industry and likely lead to counter-measures by its trading partners on $294 billion (£223 billion) of USA exports.

White House spokeswoman Lindsay Walters said in response, "It is no secret that POTUS has had frustrations with the unfair imbalance of tariffs that put the U.S.at a disadvantage".

US officials in Geneva, home of the WTO, did not immediately respond to a request for comment on Monday.

"I think the European Union - we're going to be meeting with them fairly soon, Trump said".

Japan, which along with Russian Federation had initiated the discussion at the WTO Council on Trade in Goods, warned that such measures could trigger a spiral of counter-measures and result in the collapse of the rules-based multilateral trading system, an official who attended the meeting said.

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